Illinois Senate Bill 3654 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 21 2022 - 25% progression, died in committee
Action: 2022-02-10 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the State Universities and Downstate Teacher Articles of the Illinois Pension Code. Provides that in administering the optional deferred compensation plan, the System shall require that the deferred compensation plan recordkeeper agree that, in performing services with respect to the deferred compensation plan, the recordkeeper: (i) will not use information received as a result of providing services with respect to the deferred compensation plan or the participants in the deferred compensation plan to solicit the participants in the deferred compensation plan for the purpose of cross-selling nonplan products and services, unless in response to a request by a participant in the deferred compensation plan; and (ii) will not promote, recommend, endorse, or solicit participants in the deferred compensation plan to purchase any financial products or services outside of the deferred compensation plan. Adds similar provisions with regard to the deferred compensation plan and local government deferred compensation plans under the Deferred Compensation Article. Amends the University Employees Custodial Accounts Act. Provides that in administering a defined contribution plan to provide retirement benefits, the governing board of any public institution of higher education shall require that the plan recordkeeper agree that, in performing services with respect to the plan, the recordkeeper: (i) will not use information received as a result of providing services with respect to the plan or the plan's participants to solicit the plan's participants for the purpose of cross-selling nonplan products and services, unless in response to a request by a participant in the plan; and (ii) will not promote, recommend, endorse, or solicit participants in the plan to purchase any financial products or services outside of the plan.

PEN CD-OUTSIDE SOLICITATION

Sen. Robert Martwick [D]

Date	Chamber	Action
2022-02-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2022-02-09	Senate	Postponed - Pensions
2022-02-01	Senate	Assigned to Pensions
2022-01-21	Senate	Referred to Assignments
2022-01-21	Senate	First Reading
2022-01-21	Senate	Filed with Secretary by Sen. Robert F. Martwick

Chapter	Article	Section	Citation Type	Statute Text
110	95	2	Amended Code	Citation Text
40	5	15-202	Amended Code	Citation Text
40	5	16-204	Amended Code	Citation Text
40	5	24-104	Amended Code	Citation Text
40	5	24-107	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3654&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB3654.htm